20th Oct 2015 08:11
LONDON (Alliance News) - Rare Earth Minerals PLC on Tuesday said European Metals Holdings Ltd has completed a pre-concentration and subsequent milling of a lithium bulk sample from the Cinovec lithium-tin-tungsten project in the Czech Republic.
Rare Earth owns a 12% stake in European Metals.
The processing showed excellent lithium recoveries, and the potential to lower both the capital and operating costs of the project. The concentrate is being shipped to Australia.
Lithium carbonate production costs for the project have been estimated at USD800 per tonne, the company said.
"The publication of the latest estimated production costs of approximately USD800 per tonne of lithium carbonate is substantially lower than many of the existing or projected producers. Its location, close to the German border, makes Cinovec strategic for REM and its plans to ultimately supply lithium products in to mainland Europe," said David Lenigas, Rare Earth's chairman.
Shares in Rare Earth were down 0.8% to 0.9526 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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